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Thread: Money laundering, 101

  1. #21
    Originally Posted by mickeycrimm View Post
    But what if the IRS can tell by your tax returns or lack thereof that you should not have $100,000 in the bank?
    Gosh... what if the IRS determines you got your casino bankroll from drug dealing? I guess there are all sorts of problems with being a crook, doncha think?

    LOL

  2. #22
    So Alan's parents were a couple of criminals but taught him high ideals. Hmm, sounds fishy.
    Take off that stupid mask you big baby.

  3. #23
    Originally Posted by Alan Mendelson View Post
    pkspins here's how it works in high limit slots:

    money launderer sits at a machine and feeds in hundreds and hundreds and hundreds.... and then hits the cash out button. Goes to the cage and gets a check for the ticket. Deposits the money in the bank. Check says " XXXX Casino." It's now laundered money.

    You can do the same thing with chips. As I said above: no one says you have to make a bet after buying chips.

    There you go. Simple. No loss. Deposit a $100,000 check in your bank and claim on your tax return that you lost $100,001. No need to claim groceries, barbecues, parties, going to dinner with your wife to discuss business.

    And if you want to skirt under the cash transaction reporting laws, have your team do it a few thousands at a time.
    I never knew that the cage would give you a check for TITOs. This would have helped me in several situations where I ended up carrying way more cash than I was comfortable with due to nice winning streaks.

    I'm still pretty sure that what I saw was some form of money laundering. Not as 100% return of clean money vs. dirty money like you mention, but still money with a legitimate source.
    No different than stores and restaurants that are fronts to launder money for illegal enterprises. There were a number of those near where I grew up. I enjoyed a lot of cheap pizza, steak dinners and meals at home made from grocery items at bargain basement rates from the store that was only open sometimes when they had what I understood was interstate liquor running profits to launder.

  4. #24
    Originally Posted by Alan Mendelson View Post
    One day I could/will write a book. My father was a mob attorney. This is not the first time I talked about it. When the Los Angeles Business Journal did a profile on me about ten years ago I talked about it in some detail... it's how I got my education to become a financial reporter and a consumer reporter. I learned a lot of the tricks before I was 12 years old.

    My Bar Mitzvah album looks like a collection of mobster portraits.

    The stories I have... like about the biggest Cadillac dealer in Northern New Jersey who every morning called my mother and asked her what color outfit she was wearing and then delivered a Cadillac to her to drive for the day. Then that night the car was picked up and driven off... never to be seen again and... (the rest in the movie/book).
    Two sorts of stories and songs: new ones to old people; and old ones to new people. And then there're the "best stories", which lead the way for new science and/or keep criminals out of jail. But all pale to a good love story.

  5. #25
    A few years ago at Rincon I had won enough cash that I didnt want to drive home with it. It was not one or two big hits, but rather quite a few small to medium jackpots, and I had been playing for a long time, putting some back in the machine, hitting again, over and over. (Back in the good ole days at Rincon.)
    I went to the cage and asked if I could get a check for the cash, explaning that I was not comfortable driving home with it. They were hesitant at first, although they did eventually give me a check. But it took about 15 minutes or so, as they carefully checked my play for the day to see that I actually played won the money there.

  6. #26
    Originally Posted by Chimp View Post
    A few years ago at Rincon I had won enough cash that I didnt want to drive home with it. It was not one or two big hits, but rather quite a few small to medium jackpots, and I had been playing for a long time, putting some back in the machine, hitting again, over and over. (Back in the good ole days at Rincon.)
    I went to the cage and asked if I could get a check for the cash, explaning that I was not comfortable driving home with it. They were hesitant at first, although they did eventually give me a check. But it took about 15 minutes or so, as they carefully checked my play for the day to see that I actually played won the money there.
    Carrying cash or not - That windy road leading out of Rincon is scary enough for some.

    Me? I've been there so many times, each twist and turn is like Deja Vu

  7. #27
    Originally Posted by quahaug View Post
    So Alan's parents were a couple of criminals but taught him high ideals. Hmm, sounds fishy.
    There are also attorneys who defend murderers and rapists and that's because in our system of justice even murderers and rapists are entitled to the best legal representation that they can get.

    My father was not a mobster nor was my mother. He was a lawyer who happened to represent people who had some problems. And some of these people were also friends who would go to dinner and cocktail parties and come over to the house for dinner parties and to hang out by the pool on Sundays.

  8. #28
    Originally Posted by Alan Mendelson View Post
    My father was not a mobster nor was my mother. He was a lawyer who happened to represent people who had some problems. And some of these people were also friends who would go to dinner and cocktail parties and come over to the house for dinner parties and to hang out by the pool on Sundays.
    Quit with the sanctimonious bullshit, Alan; you can't have it both ways, i.e. sullied AND pure.

    You said your old man was "a mob attorney."

    We all know what that means.

    We also know the truth of the old adage: "You lie down with dogs, you get up with fleas.
    What, Me Worry?

  9. #29
    You're right Mister V. Watch your ass.

  10. #30
    Originally Posted by Alan Mendelson View Post
    You're right Mister V. Watch your ass.
    I call bullshit Alan!
    Take off that stupid mask you big baby.

  11. #31
    Going back and forth with b.s. can be fun but you seem to actually believe your b.s. stories so it's a little weird.
    Take off that stupid mask you big baby.

  12. #32
    Alan, the bad thing about being "a mob attorney" is that part of the job involves learning their secrets and confidences, and no, I'm not talking about "a secret recipe," I'm talking about where the bodies are buried.

    If your dad regularly or solely represented mobsters, then there's a great chance he knew that if he ever betrayed them they'd whack his family.

    When I think of "a mob attorney" I envision flamboyant, seemingly crooked shysters such as Bruce Cutler and Sidney Korshak.

    Hell, the former mayor of Las Vegas was "a mob lawyer" which of course is a very appropriate bit of job experience for the mayor of Las Vegas to have.
    What, Me Worry?

  13. #33
    Okay I'll tell you a story, and it's true. It's about the Cadillac dealer.

    My dad was his personal attorney and they were friends of the family. My parents didn't know they were part of the mob but here's what happened:

    Every morning Ed would call the wives of his associates, my mother included and asked them what color outfit they were wearing and he'd send over a car to match the outfit. At night my mother and all the others left the keys in their cars and the cars would be driven off. This went on for months and months.

    I was about 12 years old when I was in the pool and my mother was sunning herself... when two men in suits parked their car by the house and walked down to the pool. The men walked into the pool area and approached my mom. They pulled out their badges: FBI. My mother said to them "I have nothing to say to you, talk to my husband." They turned and walked away. As they walked away my mother called out to me "if anyone from the FBI talks to you say nothing. Nothing."

    My Bar Mitzvah was in May of the following year. As we drove home from the big shindig party Saturday night my father said to us (me, my mom and three siblings) "we will never see Ed and Marilyn and the kids again. Tomorrow they go into a witness protection program."

    My father arranged for Ed (the dealer) to become a state's witness.

    The cars were picked up, scrapped for parts, and reported stolen to claim insurance. It was a mob operation. That summer three of us kids (the fourth was too small) were sent to far away camps because there were threats that we would be kidnapped.

    My father also represented some people for this and that. And he was involved in business dealings for this and that. They are all dead now so I can talk about what happened. But I don't remember all the names.

    I do recall one story that my sister and I laugh about to this day.

    She was at college at Syracuse and she was invited to a party. And the student who was organizing the party said he knew our family. So my sister called my father and said "________ invited me to his party. He says his family knows our family." My father said "Don't go." You fill in the name.

    I got a real kick walking thru the mob museum in Vegas. I'd love to show you my Bar Mitzvah album. We had photos taken of every table. What an album.

    Those were the days before credit cards. I remember when my father would come home and he'd had $10,000 in hundreds on the dresser. That was when ten thousand was a lot of money. By the way, a new Cadillac was under $6,000.

  14. #34
    Did your old man gamble in Las Vegas back in the day?

    If so, any juicy tales?
    What, Me Worry?

  15. #35
    Only once was my father in Vegas (that I know of). He had to "deliver" a client to the "authorities." They flew together on the plane. My father later told us he was worried because his client was sitting next to the emergency exit and he was afraid he would open the door during the flight. (OMG).

    I was in maybe junior high school then. I asked him if he gambled. His answer "how can you resist?"

    But I have better stories: when my parents had dinner parties while the ladies talked in the kitchen the men would play craps on the hardwood floor in our foyer near the living room. It was a simple craps game: passline or don't pass bets only. you either made your point or didn't. There was no layout or anything like that. They often used my Monopoly dice.

  16. #36
    I have a feeling Alan doesn't understand the purpose of laundering money. The purpose is to take "unusable" money into "usable" money. Getting a $100k check and saying it's winnings then claiming a $100k loss doesn't do that, since there's no $100k profit. Just claim the $100k in winnings, don't write it all off as losses, now you have $100k profit for the year, you lose some % to taxes, and now have $70k+ you can legitimately spend.

  17. #37
    Originally Posted by MisterV View Post
    Hell, the former mayor of Las Vegas was "a mob lawyer" which of course is a very appropriate bit of job experience for the mayor of Las Vegas to have.
    You know, the mayor of Las vegas is largely a ceremonial position. No real power. Ribbon cuttings and things like that. The real government is the Clark County Commissioners, of which the Chairman is the real power broker. I think the Mayor does gavel the county commission meeting to order, but again that is just ceremonious. I don't even believe the mayor gets a vote on any issues.

  18. #38
    Originally Posted by RS__ View Post
    I have a feeling Alan doesn't understand the purpose of laundering money. The purpose is to take "unusable" money into "usable" money. Getting a $100k check and saying it's winnings then claiming a $100k loss doesn't do that, since there's no $100k profit. Just claim the $100k in winnings, don't write it all off as losses, now you have $100k profit for the year, you lose some % to taxes, and now have $70k+ you can legitimately spend.
    Do I have to explain it to you slowly?

    There are NO $100,001 in losses. You only CLAIM the losses on your tax return to try to hide the illegal income from the IRS.

    The LOSSES are a FABRICATION to cover up the illegal profits.

    Is that clear now?

    Geesh.

  19. #39
    Originally Posted by Alan Mendelson View Post
    Originally Posted by RS__ View Post
    I have a feeling Alan doesn't understand the purpose of laundering money. The purpose is to take "unusable" money into "usable" money. Getting a $100k check and saying it's winnings then claiming a $100k loss doesn't do that, since there's no $100k profit. Just claim the $100k in winnings, don't write it all off as losses, now you have $100k profit for the year, you lose some % to taxes, and now have $70k+ you can legitimately spend.
    Do I have to explain it to you slowly?

    There are NO $100,001 in losses. You only CLAIM the losses on your tax return to try to hide the illegal income from the IRS.

    The LOSSES are a FABRICATION to cover up the illegal profits.

    Is that clear now?

    Geesh.
    Yeah.....no shit. The problem is that in doing this, the way you presented it, you've earned no income/profit. All you've shown is a $1 loss.

  20. #40
    Alan, what good is claiming $100K in profits when you report that you last that amount at the casino?

    Since you reported it as lost, you cannot claim to still have $100K in now laundered care free cash.
    What, Me Worry?

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